September 12, 2005

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Shares of Republic Airways Holdings Inc. were down 10.7 percent this morning on news the locally based airline had severed ties with bankrupt Frontier Airlines. Shares were at $16.03 as of 11 a.m.

Republic this morning said it would begin breaking away from Frontier due to the Denver-based airline's recent decision to file for Chapter 11 reorganization.

Republic has service agreements to offer passenger service with six airlines, including Frontier Airlines.

Republic plans to file a claim for about $260 million with the court handling Frontier's bankruptcy.

In addition, Republic operates 12 E170 aircraft under its agreement with Frontier. A staggered wind-down of removing those aircraft from service will begin May 1 and continue to June 23. Another five aircraft it had planned to place with Frontier will be placed with another partner.

Republic said revenue from its agreement with Frontier was $6 million a month.

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